论我国优先股制度的立法现状及完善方案

On the Current Situation of the Legislation of Preferred Shares and Its Improvement in China

2013年底,我国启动优先股试点工作,优先股制度的立法完善成为紧迫命题。优先股是不同于普通股的类别股,引入优先股势必对《公司法》的条款进行修改。目前由于优先股回购与《公司法》的资本维持原则相违背,现行优先股规范性文件中也存在优先股股利分配不平等条款问题,因此我国对于优先股是否可以转换尚存争议。本文通过研究国外优先股立法经验,认为应采用完善股利分配条款、处理好优先股回购与公司法之间的关系、慎重设置优先股转换条款等方式来完善我国优先股制度。

At end of the year 2013, China has started the pilot work of preferred shares, so that the perfection of the legislation of preferred shares has been urgent. Preferred shares are classified shares which are different from common stocks. The terms of Company Law is bound to be revised for introducing preferred shares.We can see the deficiencies which exist on the terms of normative legal documents of preferred shares, such as the inequality of dividend distribution, the contradiction between preferred shares repurchase and maintenance of capital, and the controversy over whether to allow preferred shares conversion. Because of that, on the basis of comparative research on the foreign experience of preferred shares legislation, we should amend the dividend distribution of preferred shares and appropriately handle the relation between the preferred stock and the Company Law. Deliberate terms of preferred shares conversion should be taken into account when we set program in addition.